PJT Partners reported first-quarter 2026 revenue of $418.2 million, up 29% from $324.5 million a year earlier, as the firm posted record pretax income and earnings per share.
GAAP pretax income rose 53% to $80.4 million from $52.6 million in the prior-year quarter. On an adjusted basis, pretax income climbed 49% to $83.9 million from $56.1 million.
GAAP diluted earnings per share increased to $2.21 from $1.99, an 11% gain. Adjusted diluted EPS rose to $1.54 from $1.05, up 47%.
Compensation and benefits expense increased to $280.3 million from $221.1 million, while non-compensation expense rose to $57.6 million from $50.8 million. Total expenses climbed 24% to $337.8 million from $272.0 million, but still consumed a smaller share of revenue, falling to 80.8% from 83.8%.
The revenue increase was driven by higher strategic advisory, private capital solutions and restructuring revenue.
At quarter-end, PJT held $388 million in cash, cash equivalents and short-term investments and had no funded debt.
During the quarter, the company repurchased 1.6 million shares and share equivalents, deploying a record $244 million at an average price of $154.04 per share. That included 0.4 million shares bought in the open market, 0.9 million partnership units exchanged for cash, and 0.3 million shares net share settled for employee tax obligations.
The board also authorized an $800 million class A common stock repurchase program, replacing the remaining authorization under the prior plan.
PJT declared a quarterly dividend of $0.25 per share, payable June 17 to shareholders of record June 3. As a result of these announcements, the company's shares have moved -0.92% on the market, and are now trading at a price of $152.70. For the full picture, make sure to review PJT's 8-K report.
